The Economic and Financial Crimes Commission (EFCC) on Wednesday, September 2, 2026, arraigned Mahmud A. Abubakar before Justice N.C. Nwabulu of the Federal Capital Territory High Court in Maitama, Abuja, over alleged retention and transfer of proceeds of criminal conduct valued at ₦1.09 billion.
Abubakar was arraigned on a two-count charge involving the alleged retention and transfer of proceeds of criminal conduct totalling ₦1,098,976,008.
In the first count, the EFCC alleged that the defendant retained ₦795,360,000 in his Access Bank account, knowing that the funds were proceeds of criminal conduct.
The charge reads:
“That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did retain control of the proceeds of a criminal conduct totalling ₦795,360,000 (Seven Hundred and Ninety-five million, Three hundred and Sixty Thousand Naira) in your Access Bank with name Mahmud A. Abubakar and number 0057310017, which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
In the second count, the commission alleged that Abubakar transferred ₦303,616,008 from the same account to one Suleiman Umar, knowing that the funds were proceeds of criminal conduct.
The charge reads:
“That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did transfer proceeds of a criminal conduct totalling ₦303,616,008 (Three Hundred and Three Million, Six Hundred and Sixteen Thousand Eight Naira) from your Access Bank with name Mahmud A. Abubakar and number 0057310017, to one Suleiman Umar which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
Abubakar pleaded not guilty to both counts.
Following his plea, prosecution counsel, Y.Y. Tarfa, urged the court to adjourn the matter for trial and order that the defendant be remanded in a correctional centre.
Defence counsel, A.M. Aliyu, however, applied for bail. The application was not opposed by the prosecution.
Justice Nwabulu subsequently granted Abubakar bail with two sureties, both of whom must be civil servants not below Grade Level 15.
The judge further directed that one of the sureties must own landed property within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, Justice Nwabulu ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.
The court adjourned the case until September 30, 2026, for commencement of trial.